FG considers law to prevent reversal of economic reforms

The Federal Government is considering enacting legislation to protect Nigeria's economic reforms from being reversed by future administrations. This move aims to institutionalise policy consistency and avoid the return to practices harmful to the economy. The proposal was discussed during the 32nd Nigerian Economic Summit in Abuja, with the Minister of Finance, Taiwo Oyedele, emphasising the need for national consensus on an economic policy framework backed by law.

This framework would set binding principles for areas like taxation, tariffs, subsidies, investment, and industrial development, preventing administrations from abandoning reforms for short-term political gains. The government plans to require public officials to understand and comply with these economic principles, potentially integrating them into the screening process for government appointments.

The proposed framework, currently a consultation draft, would undergo public consultation until November 27, 2026, before being reviewed by the Federal Executive Council and the National Economic Council for approval.